Tag Archives: General License

OFAC Issues New Venezuela-related Executive Order and General Licenses

On January 28, 2019, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that it has designated Petroleos de Venezuela, S.A. (PdVSA) following Executive Order (E.O.) 13850, after a determination by Treasury Secretary Steven T. Mnuchin and Secretary of State Michael Pompeo that PdVSA was operating in the Venezuelan oil sector. Additionally, OFAC has amended General License 3 and … Continue Reading

OFAC Issues Venezuela-related General License 6

On January 8, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 6, which authorizes the winding down of certain specified transactions with Globovision Tele C.A. and Globovision Tele CA, Corp. until January 8, 2020. Additionally, OFAC issued new FAQs for General License 6, and also added several new individuals and entities to … Continue Reading

OFAC Issues Belarus General License 2F

On October 24, 2018, Office of Foreign Assets Control (OFAC) announced that, together with the Department of State, it is extending the Belarus General License 2F’s expiration date. The general license authorizes transactions with certain entities in Belarus pursuant to Executive Order 13405. However, the general license does not authorize the release of blocked property. The expiration date for the general … Continue Reading

OFAC Temporarily Extends Ukraine-related General Licenses

On October 12 and October 19, 2018, Office of Foreign Assets Control (OFAC) extended the expiration date of certain Ukraine-related General Licenses. Specifically, OFAC issued General License 13E and 13F, Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons, which extend the deadline for certain transactions with GAZ Group and with  RUSAL … Continue Reading

OFAC Offers Temporary Extension of Ukraine-related General Licenses

On September 21, 2018, OFAC extended certain Ukraine-related general licenses. OFAC issued General License No. 13D authorizing certain transactions necessary to divest or transfer debt, equity, or other holdings in listed blocked persons. OFAC also issued General Licenses No. 14A and 16A, which authorize certain activities necessary to the maintenance or wind down of operations or existing contracts with 1) United … Continue Reading

BIS Modifies Entity List Designation

Effective 18 April 2017, the US Commerce Department, Bureau of Industry and Security (BIS) has revised the Entity List entry for Russia’s Federal Security Service (Federalnaya Sluzhba Bezopasnosti or FSB) to conform to the OFAC general license adopted on 2 February 2017, General License No. 1. That general license authorises transactions otherwise prohibited under Executive … Continue Reading

OFAC Issues General License Authorising Certain Transactions with Soho Panama, S.A.

On 9 March 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License 4F, authorising limited transactions with the Panamanian Mall, Soho Panama, S.A, and related entity Westline Enterprises, Inc. Soho Mall Panama was designated for sanctions under the Foreign Narcotics Kingpin Designation Act (21 U.S.C. 1901-1908) in May 2016, in … Continue Reading

New OFAC General License Authorises Transactions for Liquidation of Banco Continental, S.A.

The Office of Foreign Assets Control (OFAC) has issued a new general licence under the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. part 598, authorising certain transaction relating to the wind-down of the Honduran bank, Banco Continental, S.A. The bank was added to OFAC’s list of Specially Designated Nationals and Blocked Persons in October 2015 in … Continue Reading
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